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HomeMy WebLinkAboutMemo - Mail Packet - 03/18/2025 - Memorandum from Sarah Thomaz, Katie Geiger, and Joanne Cech, re Fort Collins Community and Business ProfileFinance Administration 215 N. Mason St PO Box 580 Fort Collins, CO 80522 1 MEMORANDUM DATE: March 12, 2025 TO: Mayor and City Councilmembers THRU: Kelly DiMartino, City Manager Rupa Venkatesh, Assistant City Manager Tyler Menzales, Senior Manager - Economic Sustainability Gretchen Standford, Interim Financial Services Director FROM: Sarah Thomaz, Senior Data Analyst Katie Geiger, Economic Sustainability Senior Specialist Joanne Cech, Fiscal Recovery Manager SUBJECT: Fort Collins Community and Business Profile ____________________________________________________________________________ The attached Fort Collins Community and Business Profile (Attachment 1) provides an updated socioeconomic and demographic overview of Fort Collins and each Council District. This year’s report includes information previously provided via Council Business Guides and the Community Profile. The City’s Recovery Team and Economic Health Office collaborated to create a single report that provides a variety of demographic, socioeconomic and business- related metrics. Metrics in the report include: • Population size • Percent minority • Educational attainment • Rentership rate • Poverty rate • Labor force participation rate • Median household income • Top industries and employers Attachment 2 is a supplementary document of business and job estimations with five-year trends. As stated in the Fort Collins Community and Business Profile, the Quarterly Census of Employment and Wages (QCEW) data available at the time of reporting has low accuracy, leading to an underestimation of business and employment numbers. In February 2025, new data was released and validated by the Bureau of Labor Statistics. Staff used this new data to Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D 2 create an overview of five-year business trends (Attachment 2). This information gives a more accurate picture of job, business and industry trends in Fort Collins. We hope the report and supplemental document will serve as valuable tools for your deliberations and decision-making processes when used in conjunction with other, more recent City-level data. Please let us know if you have any questions or feedback. ATTACHMENTS: 1. Fort Collins Community and Business Profile 2. Supplementary Five-Year Business Trend Estimations CC: SeonAh Kendall, Economic Sustainability Director Randy Bailey, Accounting Director Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D FORT COLLINS COMMUNITY AND BUSINESS PROFILEINTRODUCTION The purpose of this report is to provide an overview of the unique profile of council districts, specifically how they compare to the makeup of other districts and Fort Collins as a whole. Metrics in this report include population size, educational attainment, rentership rates and poverty rates. A variety of economic and businesses-related metrics, including top industries and employers, are also included. Data included in this report is sourced from: • 2023 American Community Survey (ACS) • 2024 U.S. Bureau of Labor Statistics (BLS) • 2024 Q1 Quarterly Census Employment and Wages Report (QCEW) • 2024 Lightcast Data • MIT Living Wage Calculator Data is reported in units that do not line up perfectly with Fort Collins council districts, therefore values are estimates that may not exactly add up to district-level and City-level values. ACS Data The Census data used in this report is sourced from the ACS, generated by the U.S. Census Bureau. Each year, this survey collects data from a sample of the population and generates estimates using five years of sample data. U.S. Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) provides data in the field of labor economics and statistics. BLS publishes information essential to the public, employers, researchers and government organizations. The metric used for this report, Fort Collins unemployment rate, is the annual average for 2024 for the months available (January through November 2024). QCEW Data QCEW data is generated by the Colorado Department of Labor and Employment in partnership with the federal Bureau of Labor Statistics. Q1 2024 data (the most recent dataset available for this report) is not as accurate or reliable as in previous years due to a shift in how data is collected and reported. It has still been included in this report to provide general insight, but likely underestimates true values, and should not be considered an exact reflection of the economic state of Fort Collins. Collection and reporting issues for this data have been resolved. Moving forward, inaccuracies with QCEW data will be less of an issue. Lightcast Data Lightcast Data is a hybrid dataset derived from official government sources such as the U.S. Census Bureau, Bureau of Economic Analysis and Bureau of Labor Statistics. IMPORTANT DEFINITIONS • Average Unemployment Rate: Percentage of adults who do not have a job but are actively seeking work and able to work. • Incentive Zones: Geographic area that offers businesses incentives to locate, expand, or stay in the area. Some incentive zones are created to fund development and redevelopment in a selected area. Incentive districts in Fort Collins include the General Improvement District, Urban Renewal Authority (URA), Midtown Business Improvement District, CHIPS Zone, and the Fort Collins Area Enterprise Zone (Special Tax Credit Zone). • Labor Force Participation Rate: Average percentage of civilian non-institution population 16 years and older that is working or actively looking for work. • Minority: Defined as individuals who self-identify as non-white or Hispanic/Latino. • Percent College Educated: Percent of residents with an undergraduate degree or higher. • Percent Spanish-Only Speakers: Includes Spanish- speaking individuals who identify their ability to speak English as “not well” or “not at all.” DATA Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D DEMOGRAPHIC Total Population 169,705 Percent Minority1 22% Percent Hispanic/Latino 12% Median Age 31 Percent Spanish-Only Speakers2 0.3% Percent of Households with at Least One Member with a Disability 17% HOUSING Median Home Value $548,400 Median Gross Rent $1,661 Median Homeowner Costs as a Percentage of Income 20.1% Median Rental Costs as a Percentage of Income 34% Total Housing Units 73,332 EDUCATION Percent Enrolled in College 20% Percent College Educated3,4 60% Percent Holding High School Diploma or GED Only4 14% Percent with a Masters or Higher4 26% Percent with a PhD or Professional Degree4 7% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Sourced from the MIT Living Wage Calculator. BUSINESS AND ECONOMIC Number of Business Establishments5 7,000 Number of Jobs5 100,000 Labor Force Participation Rate 71% Average Unemployment Rate in 2024 3.6% Percent in Poverty (includes students) 15% Average Commute Time for Fort Collins Workers 20 minutes Percent of People Who Work from Home Full Time 21% Income Median Household Income $83,598 COST OF LIVING The Cost-of-Living Index measures how much it costs to live in one particular area compared to another. It is comprised of six categories: grocery, housing, utilities, transportation, health care, and miscellaneous goods and services. The cost of living in Fort Collins is higher than the national average, but slightly lower than the average cost of living within the State of Colorado. Fort Collins Cost of Living Index 108.6 State of Colorado Cost of Living Index 111.2 National Cost of Living Index 100.0 Cost of Living Expenses Table6 Typical cost of expenses for two adults (both working) and one child: Item Fort Collins Colorado Food $10,489 $10,346 Childcare $16,868 $16,620 Medical $8,682 $8,053 Housing $19,854 $23,085 Annual Taxes $13,674 $14,154 FORT COLLINS COMMUNITY AND BUSINESS PROFILE CITY OVERVIEW Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D FORT COLLINS COMMUNITY AND BUSINESS PROFILECITY OVERVIEW Top Industries by Employment1 Healthcare and Social Assistance Educational Services Accommodation and Food Services 1 Sourced from QCEW, may be inaccurate (additional context on page 1). 2 Does not reflect recent layoffs, next two top employers are Broadcom and Orthopedic Spine Center of the Rockies. 3 An employment quotient of 21.27 means that the proportion of the Fort Collins workforce made up of Conservation Scientists is 21.27 times larger than the proportion of the US workforce made up of Conservation Scientists. Top Employers1 Colorado State University UC Health Poudre School District Top Private Employers1 UC Health Woodward SummitStone Health Partners2 TOP OCCUPATIONS In rounded numbers, the most prevalent occupations are: Occupation Number of Jobs Median Yearly Wage Fast Food and Counter Workers 3,700 $33,000 Retail Salespersons 3,500 $34,000 Postsecondary Teachers 3,400 $83,000 Registered Nurses 2,480 $86,000 Cashiers 2,470 $34,000 EMPLOYMENT QUOTIENT The employment quotient3 gives the occupations that are comparatively more prevalent in Fort Collins than in other places in the U.S. While the raw number of individuals in these occupations may be smaller than the numbers in other metro areas, they make up a greater proportion of the workforce in Fort Collins. The occupations with the greatest employment quotients are: Occupation Employment Quotient Number of Jobs Median Annual Wage Conservation Scientists 20.11 403 $77,000 Atmospheric and Space Scientists 18.55 179 $104,000 Soil and Plant Scientists 10.87 167 $63,000 Microbiologists 8.99 155 $63,000 Computer Hardware Engineers 7.53 480 $136,000 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D DEMOGRAPHIC Total Population 27,204 Percent Minority1 24% Percent Hispanic/Latino 15% Median Age 34 Percent Spanish-Only Speakers2 0.51% Percent of Households with at Least One Member with a Disability 18% HOUSING Median Home Value $575,300 Median Gross Rent $1,706 Median Homeowner Costs as a Percentage of Income 20% Median Rental Costs as a Percentage of Income 33% Total Housing Units 12,402 Total Number of Households 11,753 Percent Renter-Occupied 49% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Percentage of civilian non-institution population 16 years and older that is working or actively looking for work. EDUCATION Percent Enrolled in College 15% Percent College Educated3,4 55% Percent Holding High School Diploma or GED Only4 16% Percent with a Masters or Higher4 23% Percent with a PhD or Professional Degree4 7% BUSINESS AND ECONOMIC Number of Business Establishments5 1,200 Number of Jobs5 20,000 Labor Force Participation Rate6 75% Percent in Poverty (includes students) 14% Income Median Household Income $84,215 Top Industries by Employment5 Healthcare and Social Assistance Manufacturing Professional, Scientific, and Technical Services Top Employers5 UC Health Woodward Orthopaedic and Spine Center of the Rockies Legacy Businesses5 Woodward, est. 1955 Orthopaedic and Spine Center of the Rockies, est. 1969 Advanced Energy Industries, est. 1981 Incentive Zones 9 General Improvement District 9 URA/DDA Tax Increment Financing 9 Enterprise Zone 9 Opportunity Zone 9 CHIPs Zone COUNCILMEMBER SUSAN GUTOWSKY DISTRICT 1 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D DEMOGRAPHIC Total Population 26,973 Percent Minority1 24% Percent Hispanic/Latino 14% Median Age 36 Percent Spanish-Only Speakers2 0.85% Percent of Households with at Least One Member with a Disability 19% HOUSING Median Home Value $522,600 Median Gross Rent $1,843 Median Homeowner Costs as a Percentage of Income 21% Median Rental Costs as a Percentage of Income 31% Total Housing Units 12,511 Total Number of Households 12,272 Percent Renter-Occupied 48% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Percentage of civilian non-institution population 16 years and older that is working or actively looking for work. EDUCATION Percent Enrolled in College 11% Percent College Educated3,4 55% Percent Holding High School Diploma or GED Only4 14% Percent with a Masters or Higher4 23% Percent with a PhD or Professional Degree4 6% BUSINESS AND ECONOMIC Number of Business Establishments5 1,600 Number of Jobs5 16,000 Labor Force Participation Rate6 78% Percent in Poverty (includes students) 10% Income Median Household Income $100,399 Top Industries by Employment5 Retail Trade Accommodation and Food Service Professional, Scientific, and Technical Services Top Employers5 Avago Technologies (Broadcom) Sierra Trading Post Target Legacy Businesses5 Dillon Companies (King Soopers), est. 1957 Platte River Power Authority, est. 1973 Interim Healthcare of Ft Collins, est. 1995 Incentive Zones 9 Business Improvement District 9 URA/DDA Tax Increment Financing 9 Enterprise Zone 9 CHIPs Zone COUNCILMEMBER JULIE PIGNATARO DISTRICT 2 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D DEMOGRAPHIC Total Population 22,196 Percent Minority1 22% Percent Hispanic/Latino 11% Median Age 39 Percent Spanish-Only Speakers2 0.15% Percent of Households with at Least One Member with a Disability 15% HOUSING Median Home Value $595,300 Median Gross Rent $1,890 Median Homeowner Costs as a Percentage of Income 18% Median Rental Costs as a Percentage of Income 32% Total Housing Units 8,770 Total Number of Households 8,532 Percent Renter-Occupied 29% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Percentage of civilian non-institution population 16 years and older that is working or actively looking for work. 7 Does not reflect recent layoffs, next two top employers are Greenfield Management Services and Everbrook Academy. EDUCATION Percent Enrolled in College 7% Percent College Educated3,4 65% Percent Holding High School Diploma or GED Only4 11% Percent with a Masters or Higher4 30% Percent with a PhD or Professional Degree4 9% BUSINESS AND ECONOMIC Number of Business Establishments5 880 Number of Jobs5 7,000 Labor Force Participation Rate6 75% Percent in Poverty (includes students) 5% Income Median Household Income $124,673 Top Industries by Employment5 Healthcare and Social Assistance Accommodation and Food Service Manufacturing Top Employers5 SummitStone Health Partners7 UC Health Intel7 Legacy Businesses5 Beckman Coulter, est. 1960 Greenfield Management Services, est. 1972 Fort Collins Youth Clinic, est. 1974 Incentive Zones 9 CHIPs Zone COUNCILMEMBER TRICIA CANONICO DISTRICT 3 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D DEMOGRAPHIC Total Population 27,520 Percent Minority1 21% Percent Hispanic/Latino 12% Median Age 36 Percent Spanish-Only Speakers2 0.43% Percent of Households with at Least One Member with a Disability 16% HOUSING Median Home Value $488,850 Median Gross Rent $1,752 Median Homeowner Costs as a Percentage of Income 20% Median Rental Costs as a Percentage of Income 33% Total Housing Units 11,793 Total Number of Households 11,615 Percent Renter-Occupied 33% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Percentage of civilian non-institution population 16 years and older that is working or actively looking for work. EDUCATION Percent Enrolled in College 9% Percent College Educated3, 4 58% Percent Holding High School Diploma or GED Only4 14% Percent with a Masters or Higher4 24% Percent with a PhD or Professional Degree4 5% BUSINESS AND ECONOMIC Number of Business Establishments5 800 Number of Jobs5 3,800 Labor Force Participation Rate6 74% Percent in Poverty (includes students) 9% Income Median Household Income $92,458 Top Industries by Employment5 Healthcare and Social Assistance Educational Services Retail Trade Top Employers5 Front Range Community College Breeze Thru Car Wash Foothills Gateway Legacy Businesses5 Markley Motors, est. 1959 Evangelical Lutheran Good Samaritan Society, est. 1959 Ed Carroll Motor Company, est. 1967 Incentive Zones 9 Business Improvement District 9 Enterprise Zone COUNCILMEMBER MELANIE POTYONDY DISTRICT 4 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D DEMOGRAPHIC Total Population 29,853 Percent Minority1 21% Percent Hispanic/Latino 11% Median Age 26 Percent Spanish-Only Speakers2 0.22% Percent of Households with at Least One Member with a Disability 21% HOUSING Median Home Value $493,400 Median Gross Rent $1,633 Median Homeowner Costs as a Percentage of Income 20% Median Rental Costs as a Percentage of Income 33% Total Housing Units 12,055 Total Number of Households 11,353 Percent Renter-Occupied 65% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Percentage of civilian non-institution population 16 years and older that is working or actively looking for work. EDUCATION Percent Enrolled in College 43% Percent College Educated3,4 63% Percent Holding High School Diploma or GED Only4 13% Percent with a Masters or Higher4 26% Percent with a PhD or Professional Degree4 7% BUSINESS AND ECONOMIC Number of Business Establishments5 800 Number of Jobs5 14,000 Labor Force Participation Rate6 68% Percent in Poverty (includes students) 22% Income Median Household Income $69,129 Top Industries by Employment5 Educational Services Healthcare and Social Assistance Accommodation and Food Service Top Employers5 Colorado State University Tolmar Advanced Micro Devices Legacy Businesses5 Dillon Companies (King Soopers), est. 1957 Advanced Micro Devices, est. 1977 Worthington Inc, est. 1991 Incentive Zones 9 Business Improvement District 9 URA/DDA Tax Increment Financing 9 Enterprise Zone 9 CHIPs Zone COUNCILMEMBER KELLY OHLSON DISTRICT 5 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D 24-27379 DEMOGRAPHIC Total Population 25,251 Percent Minority1 24% Percent Hispanic/Latino 13% Median Age 29 Percent Spanish-Only Speakers2 0.26% Percent of Households with at Least One Member with a Disability 19% HOUSING Median Home Value $488,300 Median Gross Rent $1,457 Median Homeowner Costs as a Percentage of Income 23% Median Rental Costs as a Percentage of Income 32% Total Housing Units 11,834 Total Number of Households 11,339 Percent Renter-Occupied 65% 1 “Minority” is defined as individuals who self-identify as non-white or Hispanic/Latino. 2 This value consists of Spanish-speaking individuals who identify their ability to speak English as “not well” or “not at all.” 3 Residents with an undergraduate degree or higher. 4 Of residents ages 25 and over. 5 Sourced from QCEW, may be inaccurate (additional context on page 1). 6 Percentage of civilian non-institution population 16 years and older that is working or actively looking for work. EDUCATION Percent Enrolled in College 34% Percent College Educated3,4 57% Percent Holding High School Diploma or GED Only4 17% Percent with a Masters or Higher4 24% Percent with a PhD or Professional Degree4 6% BUSINESS AND ECONOMIC Number of Business Establishments5 1,000 Number of Jobs5 17,000 Labor Force Participation Rate6 69% Percent in Poverty (includes students) 30% Income Median Household Income $65,625 Top Industries by Employment5 Educational Services Public Administration Accommodation and Food Service Top Employers5 Poudre School District City of Fort Collins Larimer County Legacy Businesses5 City of Fort Collins, est. 1978 Larimer County, est. 1978 Rio Grande Mexican Restaurant, est. 1987 Incentive Zones 9 URA/DDA Tax Increment Financing 9 Enterprise Zone 9 Opportunity Zone 9 CHIPs Zone COUNCILMEMBER/MAYOR PRO TEM EMILY FRANCIS DISTRICT 6 Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D Supplementary Five-Year Business Trend Estimations City Overview: The City of Fort Collins has an estimated 7,000 businesses employing 120,000 jobs. Since 2019, the number of businesses has increased 18% and the number of jobs has increased 7%. Of the 7,000 businesses, 96% are small businesses, which employ 25% of the City’s jobs. District Overview: The table below provides five-year trends for the number of business establishments and jobs for each council district. District 5-year Business Establishment Trend (2019-2024) (2019-2024) Up 24% Up 1% Up 6% Down 18% Up 21% Down 11% Up 15% Up 11% Up 20% Down 8% Up 4% Up 12% Targeted Industries Overview: Target Industries were adopted with the Economic Health Strategic Plan in December 2023. Target industries include Advanced Manufacturing (Food & Beverage, Plastics, Metals & Chemicals, and Machinery & Production Technology), Distribution & E-Commerce, Information Technology, Life Sciences and Professional Services. The table below provides estimated number of businesses and jobs for each target industry, as well as five-year trends. Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D 2 Target Industry Estimated Number of Businesses (2019-2024) Number of Jobs (2019-2024) Manufacturing 60 Down 14% 4350 Up 1% 60 Up 50% 1750 Up 3% E-Commerce 100 Down 9% 750 Up 36% Technology 550 Up 38% 3750 Down 23% Services 370 Up 23% 1800 Up 44% Docusign Envelope ID: D8D63805-1EA0-4783-9C7B-824012EFAD3D